In the 35 days since The Merge, ethereum lost significant market dominance. On August 14, 2022 ethereum was the second-leading crypto asset in terms of market capitalization. However, three days after transitioning to proof-of-stake, it is now down 13% to 16.8 strong>
Ethereum's Market Dominance Drops 13% in 35 Days
After reaching $1,996 an unit on August 14, 2022, Ethereum's market value has fallen a lot. At the time, ethereum had a market cap of $239.74 billion and ETH had a market dominance of roughly 19.5% in the crypto economy worth $1.225 trillion. At the time, Bitcoin's market dominance stood at 38.2%, while 35 days ago, BTC was valued at $470.79 million.
BTC's market dominance remains roughly the same. However, today's crypto economy's net worth of $1.225 trillion in August has fallen to $994 billion. In the last 24 hours, the crypto economy lost 2.2% USD value. Ethereum's market dominance has fallen to 16.8% following the market cap of the second-leading crypto asset, $166.64 Billion.
ETH has suffered significant losses. 24-hour statistics show that ether fell 5.8% on Sunday, and 22.4% in the past seven days. BTC (bitcoin) is currently down 1.4% on Sunday. However, BTC's weekly statistics show that the largest crypto asset by market capital is down 9.1% against US dollars. The entire crypto economy executed $58.13 billion worth of global swaps in the last day. Just over 20% of those volume was ETH trades, which amounts to $12.17 billion.
There are many trading pairs available for Ethereum, with BUSD leading the charge with 35.10% of today’s ETH swaps. USD is responsible for 9.78% of Sunday's ethereum trades. Tether (USDT), commands 33.34%. BTC swaps represent 4.45% of ETH pairs. JPY commands 2.33% and stablecoin USDC captures 2.23%. Binance and FTX were ETH's most active trading platforms in September 18.
The Merge did not bring any gains to ethereum. Year-to-date (YTD), statistics show that ETH is down 59.6%. During the last 30 days, the second-leading crypto asset by market capital lost 25.4%. ETH traded between $1,471 and $1,376 in the last 24 hours. ETH has fallen 71.7% from the $4,878 all time high on November 10, 2021, in addition to YTD data.
What are your thoughts on ethereum's market dominance falling 13% over the past month? Please comment below to let us know your thoughts on this topic.
By: Jamie Redman
Title: Merge Flippening Predictions Fail as Ethereum’s Market Dominance Drops 13% in 30 Days
Sourced From: news.bitcoin.com/merge-flippening-predictions-fail-as-ethereums-market-dominance-drops-13-in-30-days/
Published Date: Sun, 18 Sep 2022 23:10:25 +0000